 Hello everyone, welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the Disclosures. General Disclosure. All Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. This Disclosure, training futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also in Bookmap Discord there's an options-dougchat channel that's a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel which I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug Plus. The focus of my presentation today and the focus of the options-dougchat channel is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning and I look at positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as the directional bias. And the second step of my process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGamaHero to confirm my thesis and for setups for injuries and exits. And when I talk about setups today I will be talking about setups in an underlying asset and those setups can be taken any number of ways. For example the S&P 500 setups can be taken with futures, ES futures, SPY shares, SPY options, SPX options, or even ES options. Questions and comments are welcome and I will be watching both the options-dougchat channel and Discord as well as the chat and YouTube for your questions and comments. Please feel free to post and I will do my best to answer your questions. Alright my agenda for today, Thursday, November 2nd. I want to cover news items, economic data, events, and earnings. For today, the rest of the week, then I'll go through my positional analysis, then I'll review some setups from earlier today and then we'll take a look at the live market. And when I get to the live market, if anyone has any questions or stocks they want me to take a look at, please let me know and I will be glad to do that. Alright let's start with news items. So yesterday of course with the big event for the week, maybe for the month, was the FOMC meeting announcement and there was quite a bit of up and down movement after the meeting began, the press conference, and eventually resolved to the upside and that continues today. And really that's just a continuation of the rally that began on Monday with the drop in implied volatility. We'll take a look at a chart of the VIX in just a few moments and we'll see that that has been helping to drive the rally higher, this put Vanna rally, which may be running out of steam. So again we'll talk about that more in a few minutes. So today Apple reports earnings after the market closes and then on Friday, tomorrow, the jobs report, this is the October jobs report that comes out at the first Friday of the month, that's at 8.30 a.m. Eastern time and then there's PMI data at 10 a.m. Alright so that is the news. Alright let's talk about positional analysis now. I'm going to start with the ESP 500. So this is the ES futures and book map and before I take a closer look at this chart, I want to take a look at a larger time frame. I'm going to start with the SPX 30-day one-hour chart. Let me point out the key turning points. So most recently this was the October 20th expiration, very negative gamma called put dominated. The expectation was for a put Vanna rally that did not happen. Treasury yields were rising. Geopolitical events were helping to push the market lower. Then last Friday traders loaded up on puts. There was a sharp spike higher and volatility. We'll see the VIX in just a moment and that has been unwinding ever since then for about a 200-point rally from the low of the day on Friday until today. 200-point rally since the low of the day again on Friday until today. Alright let's take a look at so here's that. This is Monday. This rally began as VIX was dropping. So our brief pause for the FOMC announcement meeting and then a sharp move higher after the meeting the press conference and continues today with a large gap up up to around 4300 and now it looks like SPX trading making its way above 4300 to the spy 430 call wall. So we'll take a look at that in just a moment. Let's take a look at VIX now and then I'll get back to this chart and point out the daily key levels. So here's VIX. This is last Friday the sharp move higher in VIX and that has been unwinding ever since then providing a huge tailwind for equities put Vanna rally. Or let's get back to SPX take a look at the levels on the chart. First of all the lower and upper weekly expected moves shown by the dash purple lines that upper weekly expected move may be difficult to see. SPX is trading well above that level. The dash blue lines are showing the lower and upper daily expected move. SPX also trading above the upper daily expected move. Alright those are both based on the options market. That information should be available in any trading platform that has an option chain. The weekly expected move is only updated once a week. I update the daily expected move every day. Alright let me point out the spot gamma levels on this chart. These are the spot gamma key daily levels. They're proprietary spot gamma levels based on gamma weighted open interest. Excuse me. So the first level is the put wall at 4,000. That's the strike with the largest net negative gamma that can be expected to act as support. Note that level did drop lower from yesterday. It was at 4,100. It's been at 4,100 for a while. Drop lower to 4,000. So unlike recent days the put wall really is no longer in play and now the call wall which I'll point out in just a moment is more in play. Alright so the next level up is the volatility trigger. That's at 4,225. That is spot gamma's proprietary gamma flip level. Below that level market makers position on the gamma curve is negative. In a negative gamma environment market makers have to trade with price to hedge their delta exposure and that tends to enhance or increase volatility. On the other hand above that level like SPX is trading right now market makers position on the gamma curve is positive. In a positive gamma environment market makers have to trade against price to hedge their delta exposure and that tends to subdue or decrease volatility. Alright the next level up is 4,300. That's the absolute gamma strike. That's a strike with the largest absolute negative and positive gamma. It was noted as resistance in the spot gamma AM founders note today. Note that level did move higher. Yesterday the absolute gamma strike was at 4,000. So the highest concentration of gamma weighted open interest yesterday was at 4,000. That moved back up to 4,300. Kind of more of a logical level in between the put wall and call wall. And then finally the call wall at 4,400. That's the strike with the largest net positive gamma that can be expected to act as resistance. Alright so those are the spot gamma key daily levels also the weekly expected moves. So SPX on a tear or higher. And we'll talk more about the put Vanarela in just a moment. Alright so this is the 30 day one hour chart. Now let's take a look at a shorter timeframe SPX just to see the levels and play for today. Bring this in just a little bit. So here's the upper weekly expected move. Right around 4,200 SPX well above that level. Here's the volatility trigger 4,225. That level also shifted higher from 4,200 yesterday. Alright then the next level up. There's the 4,300 level the absolute gamma strike again noted as resistance in the spot gamma AM founders note. Alright so that's the SPX that's a this is about a day and a half chart one minute chart. Alright let's take a look at book map now. So in book map I have my own cloud notes and I have SPX levels on this chart. There's the 4,300 level. There was quite a bit of consolidation around that level and that was a price target for the setup that I'll talk about from this morning. The next level up the four spy 430 call wall. So I have SPX levels spy levels note both the spot gamma levels are noted as with white background red text white lines on the chart also have ES levels the big ground number levels the zeros and the fifties. Alright so the levels in play for today first of all pre-market spy 425 that is a that's the large gamma 2 also zero gamma level for spy then around the four 427 level that was the launching point for the setup that I'm going to talk about this morning. The target for that setup was the 4,300 level again price consolidated around that level for quite a bit and then the next level up the spy 430 call wall. Alright so those are the levels in play for today for the S&P 500. I talked about shifts and levels for SPX. Volatility trigger shifted higher put wall shifted lower and the absolute gamma strike shifted higher overall a bullish bias for the S&P 500 based on those shifts and levels. For spy the volatility trigger also shifted higher put wall also shifted lower the call wall shifted higher from that kind of an odd number yesterday 423 to 430 today and you can see it right there and then the absolute gamma strike remained steady at 420. Alright so again overall my interpretation of the shifts level shifts and levels for the S&P 500 was bullish. Alright let's take a look at NASDAQ now first of all the NQ futures and book map. Alright let's first of all let's take a look at QQQ levels. So again I have my own cloud notes so I can show QQQ levels, NDX levels, and NQ levels on this chart. Alright so let's go first of all and isolate the QQQ levels. Take a look at a QQQ chart. So it looks like a big part of the the move higher was pre-market for QQQ. Let me point out a couple levels on this chart. Here's the 360 level and 360 is the is a large gamma one level. The gamma levels are ranked from one to five one being the most important and then it's not shown on this chart for some reason but 362 is the zero gamma level. Alright so that is the QQQ levels and for QQQ the only shift in levels was the volatility trigger shifted higher to 355 so QQQ is trading well above its volatility trigger. Let's take a look at NDX and really no NDX levels in play for today. NDX is trading above its volatility trigger as well as above its call wall at 14,600. Alright and for NDX there were no shifts in levels. Let's go back to book map now. So again I have my own cloud notes and this is how I look at the both the SAP500 and NASDAQ through a lens of these levels. For QQQ the QQQ for NASDAQ NQ I look at QQQ and NDX levels as well as the NQ round numbers and then for the SAP500 I look at that in terms of SPY and SPX levels. Alright let's take a look at gamma notional now to see how market makers were positioned on the gamma curve at the beginning of the day. I like to look at this every day to get a sense of how market makers may react to changes in price and implied volatility and I'm looking at gamma notional for SPX, SPY, NDX, QQQ, RUT and IWM and really the only one that I don't pay any attention to is NDX. It's so small it is just not significant compared to all the other numbers. Alright so for the SAP500, SPX, SPY, gamma notional negative at the beginning of the day this means that traders are long puts, market makers are short puts. In a negative gamma environment they have to trade with price to hedge their delta exposure and these numbers did become less negative than yesterday so gamma notional has been increasing or becoming less negative since October 30th. Alright so this shift toward positive gamma is continuing and certainly tomorrow the SPX gamma notional may even become positive tomorrow given the move higher today. Alright so that is SPY SPX for QQQ also negative for RUT, IWM also negative. Alright let's take a look now at the Vana model to get a graphical representation of what I'm talking about. So this is the Vana model. This is for SPX. Let's zoom in on this chart. What this chart is showing is delta notional on the vertical axis. This is market makers delta exposure and price shown on the horizontal axis. There are two curves on this chart. The first the light gray curve shows how market makers delta notional changes with changes in price only and the purple curve adds implied volatility to the equation. That shows how market makers delta notional will change with changes in price and implied volatility and that change in delta with a change in applied volatility is the Vana effect. Alright so I've talked about this every day this week. This has been a put Vana fueled rally. Earlier this week SPX was way up here on this curve as price was increasing and implied volatility was dropping. Market makers delta notional was decreasing and they could buy back their short futures. And at a certain point that tailwind ends and I think that that may be close at hand. Alright so let's take a look at some prices now. The low of the day for SPX was right around 4270 and that was at the open. Notice it's at the bottom of the curve. There really is has not been much of a Vana tailwind today although VIX has been decreasing. So at really around 4,300 that Vana fuel, put Vana fuel is gone and notice as price starts to increase market makers delta notional will start to increase and they will have to start selling futures as price rises to hedge their delta exposure. So this is on the positive gamma portion of this curve. So at this point for a rally to continue from an options perspective traders start need to start buying calls. And when traders buy calls market makers sell the calls and they have to buy futures to hedge their delta exposure. So it looks like at least today from this chart it looks like the put Vana fuel has pretty much been used up. And that certainly talk fueled a powerful rally like I showed on the 30 day chart a 200 point rally since the low of the day on Friday. Or let's take a look at some current prices. Alright so SPX right around 4311. So I've already showed that. So SPY right around 430. So here on the kind of the low end of this curve and as price continues to increase market makers will have to start to have to sell futures to hedge their delta exposure. Take a look QQQ trading right around 363 around the same position on the Vana model. Alright so based on this based on the shifts level shifts and levels higher for the SP500 also the continual move lower in the VIX my thesis for the day was was bullish. Alright so let's take a look at some setups now. First of all I want to take a look and see what options traders have been doing today. So everything that we've looked at so far other than bookmap has been based on static data. All the planning that I've done that I've talked about my positional analysis is all based on static data that's updated once daily. This is based on gamma weighted open interest. Open interest is updated once daily. That's what spot gamma uses to develop their levels and models and that information is available to spot gamma subscribers early in the morning. Alright so this is real-time data now. So what I'm looking at here is the hero signal hedging impact real-time options. So this is showing this chart is showing price for SPX and the hero signal again hedging impact real-time options that's showing options trades and market maker hedging activity for a combined signal for SPX by XSP and ES futures. I'm going to zoom in on this chart. I'm going to highlight one setup from this morning. This is right after right around 10.15 a.m. right here. Notice the hero line. Traders were initially fading this move taking negative delta positions and that turned around right around 10.15. I'm going to quickly take a look at puts and calls. So what this is showing? Traders started buying calls. They stopped buying puts, started selling puts and price reversed higher. Back to the total signal. Alright so that's the setup that I'm going to highlight here. So let's go take a look at book map. Alright so that's the setup that I want to highlight and as I was looking at it closer this morning let's actually zoom in. Sorry I thought I'd turn that off or that again. Alright let me check for questions. Alright Truman asked can market go up if traders don't buy more calls than puts if the market is very negative gamma? Yeah the market can do anything and I'm not sure I understand your question. So the market is not I would not classify first of all I would not classify the market as very negative gamma it has been the negative gamma has been becoming less negative every day for the last few days. So I would know I would classify the market on October 30th as very negative and even October 27th is very negative gamma and today much less so. Alright so my point was that that put Vanna fuel all of that negative gamma that put domination has been slowly decreasing Vix has been dropping and those puts are losing value market makers can buy back their short hedges and that according to the Vanna model today that could come to an end. So at that point is if you're bullish what you would want to happen is traders to start buying calls to continue to fuel the move higher. Alright I'm not sure how to pronounce your name please can you explain again gamma and what you see at this how this helped you so that's what I'm talking about now that's what I've been talking about all day so if you want more background information I suggest going to spot gamma.com and taking a look at the free resources there's a very substantial help center there also book smart gamma has a great YouTube channel so let me I'll refer you to those resources and Ethan asked what is a popular charting platform that supports good odor flow footprint charts as well as this book map I don't know I use book map and I do use thinkorswim and and tasty trade for options trading but I I use all book map for all of my visualization right Joel says ninja trader sorry I'm not familiar with ninja trader book map is what I use alright so let me talk about this setup so we saw the the turnaround in traders started right around 1015 started buying calls selling puts and the turnaround in the hero line so both the call line and the put line were going in the same direction up smart gamma has pointed out that was that was a spot gamma has pointed out that's a very bullish signal or a very strong signal when both lines are going in the same direction so let's talk about this setup now on book map so right around right around 10 o'clock traders were there were a lot of aggressive sellers the volume dots show market buy minus sell a magenta dots indicate there are more sellers than buyers green volume dots indicate more buyers than sellers magenta dots on the way down aggressive sellers and note the high liquidity here this is a history of the limit orders in the order book below price those are limit buy orders never quite price never quite reaches those levels some level it looks like some traders come in came in and we're front running that level so the volume dot shift from magenta to green aggressive buyers start to come in there are few iceberg orders there these are orders that larger traders use to hide their size so that's indicating 200 contracts executed this indicates 135 contracts executed so options traders were buying calls selling puts both lines going in the moving higher traders front running this liquidity right around 4295 4294 aggressive buyers start to come in and then as price gets going large traders start coming in again with iceberg orders to buy that shown also by the rising light blue line and your price target the price target for this initial move was 4300 that was noted as resistance in the spot gamma am founders note so when I'm trading I'm looking at book map on one screen and spot gamma hero on another screen and combining what I see in both screens for setups all right so that's the setup that I wanted to highlight from this morning all right so there's no stopping the S&P 500 today up above the 4300 level also the 430 call wall and note this what is certainly helping to drive this price this move higher is stop orders that shown by the rising yellow line also this number right here 11,591 contracts those are by stop orders helping to fuel the move higher so definitely a stop yield rally all right so let's take a look at the Nasdaq now first of all go to the NQ futures here's the reversal about the same time right around VWAP that shown by this blue line there also the dash blue line showing the upper daily expected move all right let's go take a look at hero and see what options traders were doing in Nasdaq Nasdaq gonna zoom in a bit all right so here's that 1015 setup same thing traders taking hero shifts from negative delta to positive delta price moves higher let's go back to book map and Nasdaq also continues to move higher all right the ego ask wants me to take a look at GLD yeah I'll take a look at that in just a minute so Nasdaq very similar setup to to ES let's take a look at one other thing go back to hero this is a new new combined signal in hero this is the magnificent seven just like the other two the SAP 500 and Nasdaq this is a combined signal in this case for the stocks known as the magnificent seven Apple Amazon Google Meta Microsoft Nvidia Tesla this is a great new hero signal also showing reversal higher here there was a slight slight lead effect hero moves higher and then the price the combined price for those instruments moves higher just a couple of minutes later and if you trade trade Nasdaq you can certainly look at this as well and notice this is a pretty pretty typical pattern is this activity aggressive taking aggressively taking positive delta positions buying calls selling puts that continues often until summer between 11 11 a.m. and 1 p.m. and then can level off and then price consolidates or moves lower so that's a pretty strong indication that options traders are playing a big part in driving price action all right let's take a look at some stocks now and Ethan says sorry I didn't know bookmap was a charting platform I don't know what else you would call it it's not not a traditional charting platform for sure but it is a an order flow visualization platform maybe that may be a better better term for it all right let's take a look at some stocks and one I want to take a look at just to give an idea of maybe a swing trade let's start with Amazon here this is maybe to zoom in on this charge a little bit this may be confusing because of these lines that I have drawn on this chart I like to see the the round number levels this is the this is for this week that's the upper weekly expected move this is the lower weekly expected move and note Amazon is trading well above its upper weekly expected move so one potential trade maybe a swing trade looking for some reversion to the mean as Amazon has exceeded its upper weekly expected move by quite a bit is to you know take a look at some short form of a short setup at that point let's take a look at some additional information here I'm gonna go to equity hub this is Amazon first of all let me point out let me actually let me zoom in on this chart so I just want to give a different idea of how both book map and spot gamma can be used as well as the larger time frame chart and you know whatever training platform you want to use so first of all what this chart is showing is this is from equity hub spot gamma equity hub the red area put dominated green area call dominated and that pivot point is right at 136 so call dominated above 136 this is not not a huge number but it could come into play the next expiry gamma percent that could increase tomorrow so around 22% of gamma is expiring tomorrow so I know that traders probably have been buying calls all week and most likely buying calls that expire at the end of the week the top gamma expiry is Friday so given the the large move well above the upper weekly expected move potential call gamma unwind on Friday one way to play this would be to sell a call spread by a put spread and just by doing that you're saying that all Amazon has to do is stay below the certain level by whatever expiration you choose to trade and you another way to play that if you really expect a strong move lower would be to buy a put or you could just sell Amazon shares I think a more conservative approach maybe a safer approach is to sell a call spread or buy a put spread and that way typically you have option skew in your favor all right so that's one idea let's go take a look at book map now so let's take a look at Amazon all right so Amazon is made a move lower this morning and then chopping around between 137 138 just around V WAP let's go take a look at hero and see what options traders are doing in Amazon so bearish in the morning taking negative delta positions note the flow alert there note also the weak hero signal what this is showing this is comparing the hero signal for the last 30 days that's shown by the entire length of the slider note the dot is on the lower end of the slider very weak hero signal today and then the colored portion is showing the hero signal for the last five days so today the hero signal is the weakest that has been in the last five days and the last 30 days so that's a potential trade kind of a swing trade if you will for just the next couple days or maybe longer depending on how you want to play it or certainly for a short this morning all right let's take a look at some other stocks so we know that Apple is reporting earnings after the close so let's see what options traders are doing today how they're positioning in Apple take a look at puts and calls so for today traders are buying puts that shown by the rising I mean the falling blue line traders are buying puts notional value 100 negative 127 million and the call line they are buying calls but that is not significant compared to puts that's 1.8 million sorry about that nothing I did right so this is that this is how traders are positioning in Apple ahead of earnings this afternoon they're buying puts let's just take a look at this next expiry so this is showing options that expire in the next expiration which would be tomorrow for Apple and it looks like that is only a smaller portion of the total notion of value today so traders are taking longer term trades in Apple today all right let's take a look at a couple of other stocks and then Tiago I will get to GLD all right the next one is AMD so AMD up and down today and AMD reported earnings let's see that was on 31st so that was on Tuesday all right so up and down in AMZ AMD so traders are buying puts in AMD they are so by they are buying some calls that was helping to drive price in the morning do this quickly note that that was helping to drive price higher in the morning call buyers took their foot off the gas and price is now dropped and consolidating let's go take a look at book map so here's the move up in move up in AMD as traders were were buying calls in the morning then consolidation as they took their foot off the gas let's take a look at Netflix now let's go to hero take a look at Netflix all right so traders have been more bullish in Netflix today so they've been buying calls and selling puts back to the total signal notice again this very similar very typical pattern pretty reliable pattern this flow shuts off right around 11 10 11 15 and price consolidates so right around 10 10 10 15 with the NASDAQ and SAP 500 started moving higher Netflix moves higher as well no to flur alert in about the middle of that and about the middle of that move higher all right let's go take a look at book map go to Netflix there it is here's that reversal higher double kind of a double bottom at 418 traders started taking positive Delta positions let's go back and take a look at hero and the only gamma level spot gamma level in play for today for Netflix is the call wallet 430 all right one more I wanted to take a look at then then we'll take a look at a GLD the next one I wanted to take a look at is Tesla Tesla's really been beat up lately and today traders were in buying the dip call buyers shown by the rising orange line so when traders buy calls market makers sell the calls and they have to buy stock to hedge their Delta exposure and note the very timely flow alert just a few minutes after the cash open let's go take a look at book map go to Tesla overall pretty choppy day deeper pullbacks but definitely bullish for Tesla today and just a couple of days ago it was trading below 200 let's take a look at I want to go back to this thinkorswim chart take a look at Tesla so Tesla kind of just the opposite of Amazon earlier in the week tested its lower weekly expected move that's right at 196 196 73 and now Tesla has moved all the way up to its upper weekly expected move right here so a swing trade bullish swing trade for Tesla back to book map all right let's take a look at GLD back to hero look at GLD so definitely choppy price action and GLD today so there you go Thiago up and down traders are buying calls and buying puts calls shown by the orange line positive notional value they're buying calls they're also buying puts shown by the falling blue line and the negative notional value for the blue line so overall pretty somewhat thin options trades in GLD compared to some of the the primary stocks that I follow are the magnificent seven all right anyone have any anyone else have any stocks they want me to take a look at otherwise let's go back and check the SB 500 all right Frank asked to look at TTD not even sure what that is sorry it's not available in hero the hero signal is not available for every stock it's it's available for most stocks that have more significant options volume options trading all right so IWM we'll take a look at that so an IWM traders are buying calls buying puts yes those are I understand IWM I trade it I do trade IWM all right so there you go overall net negative hedging flow options trades and hedging flow today for IWM let's go back to the SB 500 note this notional value is negative the SB 500 today options traders net are fading this move zoom in just a little bit let's see check the zero DTE next expiry so next expiry is a little bit over half of the over a little bit over half of the total notion of value today so the zero DTE traders this is for the SB 500 for SB 500 SBX by XSP and ES futures has all those instruments have options that expire every day so for stocks the next expiry would be the Friday expiration and for the SB 500 this would be options that expire today all right so Z zero DTE traders making up about half of the total a little bit over half of the notion of value today that's that is significant all right so crash F 16 ask maybe I missed it but is the expected price moves you show for the stocks on toss are they available for ES and NQ yes they are let's go back to that let's take a look at ES 74 and a half points today well well above the upper weekly expected move that shown here and crash F 16 unfortunately this is not my indicator to to give away I got this from another organization if you will if you send me a direct message just contact me by DM and in discord I can point you to the organization where I got this and you you can certainly calculate this on your own do a hand calculation every week just like I do for for the daily moves you can do that for the weekly moves as well just get that from the get that from the options chain on Friday at the close you can get the lower and upper weekly expected moves and then just mark those on your chart whatever chart you're using so slow slower sorry ask will this rally continue or has all the put venom fuel gone so maybe and yes so I think the put venom fuel is mostly gone rally continue certainly looks like there's no sign of slowing down let's go back to book map go to ES so the SMB 500 still stuck around the spy 430 call wall and I pointed out today one of the key drivers of price has been these stop orders by stop orders fueling the move higher stop fueled rally and I showed in the van a model that the put venom fuel is almost gone we'll see if there's any more in the tank tomorrow let's take a look at vixx vixx continues to drop from 22 now down to just around 16 so pretty substantial drop lower in vixx so but just by looking at this it appears that you know this is certainly the expected upper end of the range at 430 and at 4300 large craters are net for the day fading this move shown by the negative iceberg orders there again large traders often use iceberg orders to hide their size and book map with the mbo bundle and stops and icebergs indicators can detect those both the icebergs and stops all right so slow to sorry the first part of your question will this rally continue that has yet yet to be determined and the I'll go you're welcome and Shane I already showed Tesla we'll go back to Tesla so in Tesla today traders are buying calls and Tesla move from the lower weekly expected to move to the upper weekly expected move in the last few days all right my time is up I want to thank everyone for watching thank you very much for your questions and comments I love these interactive sessions when you ask questions it really helps so again thank you very much thanks for watching remember Apple reports earnings after the close then the jobs report tomorrow morning and we will talk about it tomorrow afternoon thanks again bye